They definitely advised the market several times in their half...

They definitely advised the market several times in their half yearly announcements, for example:

1. Despite the negative impacts of COVID-19 on the Airports business and the impact of the appreciating AUD against USD,
the business delivered solid results demonstrating the resilience of the recurring revenue business model

2.Recurring revenue negatively impacted by appreciating
AUD against USD and temporary discounts offered to
support our Airport customers

3. Short-term outlook impacted by:
-The duration and severity of the COVID-19 pandemic in particular on the Airports sector
-The timing of delivery on non-recurring projects
-The impact of foreign exchange including the negative impact of a strengthening AUD
-New investment opportunities

The above were the first 3 I found where they mentioned the ARR being affected by the strengthening AUD

And regards to your comment on "The question to ask now is why were they applying discounts to their products if they have something that is competitive and first in class (which for disclosure I believe they do have an excellent product). If they are having pricing difficulties now though then that is not a good look"


I don't believe that is a bad "look" at all and extremely common across multiple sectors during the pandemic to have the burden shared by suppliers, if there was ever an industry that was hit by Covid, the airport/air-travel and tourism is one of them.
We are now a legislated requirement for the majority of airports with what we do and yes we have a great product to do it which means in many cases we likely could have held firm on pricing I'm guessing, but that doesn't mean we are the only ones or there won't be a competitor in the future. Those airports will have a senior staff that would remember had we taken that view and would likely be more inclined to hear out a competitor if we hadn't made some effort to share their downturn.